Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Stock Based Compensation

v3.3.1.900
Note 7 - Stock Based Compensation
9 Months Ended
Dec. 31, 2015
Notes  
Note 7 - Stock Based Compensation

NOTE 7 – STOCK BASED COMPENSATION

 

On July 23, 2015 the Company issued a total of 208,334 restricted stock units to key employees.  The units vest 1/5 each year for 5 years, with the first vesting occurring on the date of grant.  On October 30, 2015, the Company issued a total of 320,000 restricted stock units to the independent directors of the Company. Half of the units vested immediately with the remaining half vesting September 17, 2016. The Company estimates the fair value of the units at their intrinsic value at time of granting.

 

The Company recognized $666,450 and $1,031,300 in expense for the fair value of previously granted stock based compensation vested during the nine months ended December 31, 2015, and 2014, respectively. Stock compensation expense is recognized on a pro-rata basis over the vesting period of the equity awards. Subsequent to December 31, 2015, $1,513,347 of compensation expense on equity awards remains to be recognized in future periods. A summary of the status of the Company’s stock option plans as of December 31, 2015 and March 31, 2015 and the changes during each period are presented below:

 

Options

Wtd. Avg. Fair Value

Outstanding, March 31, 2014

                3,074,850

1.47

Granted

                   133,900

4.03

Exercised

                 (596,635)

0.55

Forfeited

                 (498,615)

1.39

Expired

 

                           -  

 

                           -  

Outstanding, March 31, 2015

 

                2,113,500

 

1.90

Exercisable, March 31, 2015

 

                   907,000

 

2.27

Options

Wtd. Avg. Fair Value

Outstanding, March 31, 2015

                2,113,500

1.90

Granted

                           -  

                           -  

Exercised

                           -  

                           -  

Forfeited

                 (512,600)

1.52

Expired

 

                           -  

 

                           -  

Outstanding, December 31, 2015

 

                1,600,900

 

1.98

Exercisable, December 31, 2015

 

                   913,200

 

2.29

 

The following table summarizes information about the Company’s outstanding stock options as of March 31, 2015: 

 

Outstanding Options (1 share/option)

Average Remaining Life (Yrs)

Exercisable Shares

Weighted Average Exercise Price

Strike Price

 

 

 

 

$

0.30

                  110,000

1.88

        40,000

0.30

$

1.37

               1,118,000

4.08

       284,000

1.37

$

1.75

                  475,000

2.93

       283,000

1.75

$

3.85

                  200,000

4.61

       200,000

3.85

$

3.95

                  100,000

4.86

       100,000

3.95

$

4.03

 

                  110,500

 

5.09

 

               -  

 

4.03

 

               2,113,500

4.02

       907,000

2.27

 

The following table summarizes information about the Company’s outstanding stock options as of December 31, 2015:

 

Outstanding Options (1 share/option)

Average Remaining Life (Yrs)

Exercisable Shares

Weighted Average Exercise Price

Strike Price

 

 

 

 

$

0.30

                  110,000

1.13

        40,000

0.30

$

1.37

                  744,000

3.33

       346,500

1.37

$

1.75

                  347,500

2.18

       206,500

1.75

$

3.85

                  200,000

3.85

       200,000

3.85

$

3.95

                  100,000

4.11

       100,000

3.95

$

4.03

 

                    99,400

 

4.34

 

        20,200

 

4.03

 

               1,600,900

3.16

       913,200

2.29

 

The following table summarizes information about non-vested options as of the nine months ended December 31, 2015:

 

Non-vested options

Options

Wtd. Avg.  Grant Date  Fair Value

Non-vested at March 31, 2015

   1,206,500

1.58

Stock options issued during the period

              -  

          -  

Stock options canceled

    (512,600)

1.52

Vested during the period ended December 31, 2015

    (230,600)

1.62

Cancellation of previously vested stock options

      224,400

1.52

Non-vested at December 31, 2015

 

      687,700

 

       2.97

 

The following table summarizes information about non-vested restricted stock awards as of the nine months ended December 31, 2015:

Non-vested restricted stock

Options

Wtd. Avg.  Grant Date  Fair Value

Non-vested at March 31, 2015

      171,666

4.03

Restricted stock issued during the period

              -  

          -  

Restricted Stock canceled

      (20,000)

4.03

Vested & settled during the period ended December 31, 2015

      (34,332)

4.03

Non-vested at December 31, 2015

 

      117,334

 

       4.03

 

Non-vested restricted stock units

Restricted Stock Units

Wtd. Avg.  Grant Date  Fair Value

Non-vested at March 31, 2015

      106,907

3.94

Restricted stock units issued during the period

      528,334

1.05

Restricted stock units canceled

      (76,999)

1.68

Vested, not settled during the period ended December 31, 2015

    (199,908)

1.68

Vested & settled during the period ended December 31, 2015

      (52,001)

1.62

Non-vested at December 31, 2015

 

      306,333

 

       1.38